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Mullen Automotive, Inc. (NASDAQ: MULN) is a Southern California-based automotive innovator specializing in the manufacture of electric vehicles (EVs) and energy solutions. The company's primary mission is to make EVs accessible by creating a comprehensive ecosystem that supports all aspects of electric vehicle ownership.
Mullen Automotive's business is anchored by its two U.S.-based vehicle plants in Tunica, Mississippi, and Mishawaka, Indiana, where it commenced commercial vehicle production in August 2023. The company operates through two segments: Bollinger and Mullen/ELMS, which collectively generate its revenue.
One of Mullen's significant assets is its subsidiary Mullen Auto Sales, a fast-expanding chain of auto dealerships. Additionally, Mullen owns CarHub, a digital platform that leverages AI to provide a seamless car buying, selling, and ownership experience. The company’s product lineup includes the Mullen ONE, a Class 1 EV cargo van, and the Mullen THREE, a Class 3 EV cab chassis truck. These vehicles are certified by the California Air Resource Board (CARB) and the EPA, making them available for sale across the U.S. The Mullen THREE, for instance, is HVIP approved, offering up to a $45,000 voucher at purchase combined with a $7,500 federal tax credit, potentially reducing its net effective cost to under $17,000.
In recent developments, Mullen has formed key partnerships to enhance its market reach and operational capacity. Collaborations with entities like Ziegler Truck Group, Range Truck Group, and EnviroCharge underscore Mullen's commitment to delivering zero-emission commercial vehicles. Mullen’s strategic pivot to a zero-emissions model, as highlighted by the launch of the PowerUP zero-emissions mobile charging truck, aligns with the growing market demand for sustainable solutions.
Mullen's international footprint is also expanding, with new distributor agreements in regions like the Balkans and partnerships with companies like Antidoto SA to deploy urban delivery vehicles in Europe. Such initiatives are key to Mullen’s global EV market strategy.
Financially, Mullen received federal EV tax credit approval in September 2023, enhancing the affordability of its commercial vehicles. Additionally, the Tunica, Mississippi plant's Foreign Trade Zone (FTZ) status offers various financial benefits, including duty deferment and elimination of export duties.
For more detailed and up-to-date information, visit Mullen Automotive’s official site at www.MullenUSA.com.
Bollinger Motors, an electric commercial vehicle manufacturer, announced the sale of five all-electric Class 4 Bollinger B4 trucks to Spencer Manufacturing. Spencer, a specialist in upfitting emergency rescue vehicles, will convert these trucks for fire rescue purposes. Production of the vehicles will commence in the second half of 2024. Bollinger's B4 chassis cab offers durability, reliability, and performance with a unique design that includes an 800V battery system. Additionally, Bollinger Motors has recently qualified for a $40,000 refundable tax credit per truck under the Inflation Reduction Act. Bollinger Motors has also secured several milestones, including sales to Momentum Groups and EnviroCharge, and partnerships with key suppliers and service centers.
Mullen Automotive, an electric vehicle (EV) manufacturer, announced that its subsidiary, Bollinger Motors, has secured an agreement to sell five all-electric Class 4 Bollinger B4 commercial trucks to Spencer Manufacturing for $825,000. Spencer will convert these trucks into fire rescue vehicles using its patented Solid-Poly® process. The trucks will be delivered in the second half of 2024. The Bollinger B4 is noted for its durability, reliability, and performance, making it suitable for emergency services. Bollinger Motors recently achieved several milestones, such as EPA certification, multiple vehicle sales, and strategic partnerships in battery supply, vehicle assembly, and mobile service provision.
Mullen Automotive (NASDAQ: MULN) has announced the sale of its Class 1 electric vehicle (EV) to Eco Auto, a dealer partner in Massachusetts. This sale marks the first commercial EV transaction for Mullen in the state. The vehicle will be delivered to a Massachusetts-based company involved in custom home building, renovations, property management, and painting. The partnership with Eco Auto, a national EV dealership franchise, aims to make EVs more accessible. The Mullen THREE, part of the EV lineup, qualifies for a $15,000 incentive through the Massachusetts MOR-EV program and a $45,000 cash rebate via California’s HVIP program. These incentives highlight Mullen's commitment to clean air standards and urban delivery efficiency.
Bollinger Motors announced that its Class 4 B4 Chassis Cab has received a Certificate of Conformity from the EPA, a important step for selling zero-emission vehicles in the U.S. The certification ensures the B4 meets EPA emissions standards despite being an all-electric vehicle. Bollinger plans to launch the B4 in the second half of 2024. The B4 is designed to provide safety, flexibility, and performance, featuring an 800V battery and 70% American-made content. The company also qualified for federal clean-vehicle incentives, offering $40,000 in tax credits per truck. Recent milestones include significant vehicle sales, new dealer partnerships, and strategic supplier agreements.
Mullen Automotive's subsidiary, Bollinger Motors, has received the EPA Certificate of Conformity for its Class 4 B4 Chassis Cab. This milestone allows Bollinger to start selling its zero-emission, all-electric B4 trucks in the U.S., with production starting in the second half of 2024. The B4, designed with 70% American-made content, offers enhanced safety and performance with an 800-volt battery system. Bollinger Motors has also secured federal clean vehicle incentives under the Inflation Reduction Act, providing $40,000 in tax credits per truck. Recent achievements include significant sales agreements and partnerships with major dealers and service providers.
Mullen Automotive announced key milestones, including $250 million in committed capital, state incentive approvals, and dealer network expansion. The company secured $150 million in equity financing and a $50 million investor agreement. State incentives include a $15,000 incentive for the Mullen THREE in Massachusetts and a $45,000 rebate in California. Bollinger Motors, a subsidiary, received a $13.2 million sales order. Mullen added new dealers and European distributors, along with an $8.2 million truck sales deal. Solid-state polymer battery packs for Class 1 vehicles are set for 2025 certification. The company plans to expand its vehicle portfolio through potential acquisitions and introduce new battery technology and a DC fast-charging truck. Foreign Trade Zone status at its Mississippi facility is expected to save $20 million in working capital.
Bollinger Motors announced the sale of 80 all-electric Class 4 trucks to Momentum Groups. The agreement involves Momentum upfitting the Bollinger B4 Chassis Cab with mobile EV chargers or other vehicle configurations for fleet management and EV charging solutions. Momentum will take possession of the trucks after production starts in late 2024. This deal aims to reduce emissions and improve operational efficiency for fleet owners. Bollinger Motors recently secured several partnerships, including with Nacarato Truck Centers and Our Next Energy, and qualified for federal clean-vehicle tax incentives.
Mullen's subsidiary, Bollinger Motors, has secured a $13.2 million sales order from Momentum Groups to supply 80 all-electric Class 4 Bollinger B4 trucks. The B4 models qualify for a $40,000 federal tax credit per truck. Momentum Groups, known for fleet management and EV charging solutions, will integrate these trucks with various configurations and charging infrastructure. Production is set to commence in the second half of 2024.
Additionally, Bollinger Motors has expanded its dealer network and service partnerships, and secured battery and assembly agreements. This order underscores the company's commitment to electric vehicles and reducing emissions.
Mullen Automotive's 2024 Mullen THREE EV truck has been approved for the Massachusetts MOR-EV program, granting a $15,000 cash voucher per vehicle sold. With a suggested MSRP of $68,500, combined with a $7,500 federal tax credit, the net effective price is around $46,000. The MOR-EV program, managed by the Massachusetts Executive Office of Energy and Environmental Affairs’ Department of Energy Resources and administered by the Center for Sustainable Energy, aims to make EVs more affordable, reduce greenhouse gas emissions, and provide equitable access to EVs. The Mullen THREE is also CARB and EPA certified and qualifies for up to $45,000 in rebates under California's HVIP. The truck features a 125-mile range and versatile design for various vocational needs. It is available through Eco Auto in Tewksbury, MA.
Mullen Automotive announced a new partnership with Eco Auto, a dedicated EV dealership based in Tewksbury, Massachusetts. Eco Auto's initial vehicle order includes 10 Mullen ONE cargo vans and 3 Mullen THREE cab-forward trucks. This partnership expands Mullen's commercial EV network in the New England region, adding to its recent growth of five new dealers nationwide. The Mullen ONE and Mullen THREE vehicles comply with U.S. safety and environmental standards, and the Mullen THREE qualifies for significant federal and state incentives, potentially reducing its cost to under $17,000.
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